October 11, 2018 – USDA World Supply and Demand Estimates
USDA Summary: This month’s 2018/19 U.S. corn outlook is for lower production, increased exports, reduced feed and residual use and larger ending stocks. Corn production is forecast at 14.778 billion bushels, down 49 million on a reduced yield forecast. Harvested area is virtually unchanged from last month. Corn supplies are forecast record high, as a smaller crop is more than offset by an increase in beginning stocks based on the September 28 Grain Stocks report. Exports are raised 75 million bushels reflecting U.S. price competitiveness and reduced exports for Russia. Projected feed and residual use is lowered 25 million bushels based on a lower crop and indicated disappearance during 2017/18. Corn ending stocks for 2018/19 are raised 39 million bushels. The projected midpoint for the season-average corn price received by producers is unchanged at a range of $3.00 to $4.00 per bushel. Continue reading at Supply and Demand Estimates and Profitability Outlook.